Core Viewpoint - The Central Economic Work Conference held on December 10-11, 2025, outlined the economic work for 2026, setting a clear direction for the "14th Five-Year Plan" and injecting strong momentum into the high-quality development of the futures industry [1][6]. Group 1: Economic Context - The "14th Five-Year Plan" is nearing completion, with China successfully achieving major economic and social development goals despite complex international challenges [2][7]. - The futures industry has expanded significantly during this period, with continuous market growth, a more comprehensive futures and options product system, and improved risk management frameworks [2][7]. Group 2: Policy Implications - The conference emphasized stabilizing growth and expectations through a combination of proactive fiscal policies and moderately loose monetary policies, which will support macroeconomic stability and signal positive developments for financial markets, including the futures industry [3][8]. - Key tasks identified include domestic demand-led growth, innovation, reform, and green transformation, aligning closely with the futures industry's role in price discovery and risk management [3][8]. Group 3: Industry Development Strategy - The company aims to enhance its core mission of risk management and support for industrial development by focusing on its strengths in the mining sector and aligning with national priorities such as green and low-carbon industries [4][9]. - The company plans to develop an integrated service system that combines mining characteristics with comprehensive advantages, leveraging AI and technology to address service homogenization issues and enhance collaboration within the industry [4][9]. - The company is committed to compliance and creating value, fostering a positive industry ecosystem to enhance the recognition of the futures industry's value [4][9].

证券时报记者 沈宁 化服务"到"专业化创造"。这要求期货公司启动一场深刻的"能力革命"，核心是推动投研从理论分析转 向实践应用。三是发展引擎重塑，从"规模红利"到"科技与创新双轮驱动"。实时精准定价、瞬息万变的 风险对冲、跨市场交易等，这些关键环节没法靠人工和经验兜底，必须靠技术系统和数据智能支撑。四 是生态构建，从"单点服务"到"开放协同"。行业亟需构建"期货+"开放协同生态，以跨机构合作实现价 值共创。五是体制机制优化，筑牢组织保障框架。必须以专业化人才为基石、体系化风控为底线、一体 化协同为引擎，构建支撑战略落地的组织能力底座。六是坚守初心，在服务国家战略中实现自身高质量 发展。期货公司的发展必须聚焦产业痛点、绿色转型和普惠民生，同时在服务国家需求中锻造核心竞争 力。 近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在"中国期货业年会"分论 坛上，银河期货董事长、总经理王东发表了主题演讲，认为期货行业正处关键的战略升级与高质量转型 阶段，而高质量发展的核心是回归专业价值。 在王东看来，要成功转向价值创造的新道路，必须重新审视和定义自身的核心价值。推动期货公司发展 的根本能力，在 ...

（原标题：银河期货董事长、总经理王东： 回归专业价值是期货业高质量发展核心） 王东用"三重驱动、两大挑战"来概括期货行业所处的这一历史节点。 王东还分享了自身参与服务实体企业的案例。在服务新疆某工业硅厂时，银河期货通过多维度信息的交 叉验证，提前预判了"需求缩减、成本下移"的市场趋势，认为现货、期货有共振下跌的风险，随即为企 业60%的核心产能设计套保方案，成功锁定了未来售价。该厂在价格下行周期中维持了高开工率，既稳 住了生产经营，也保障了工人就业。在此过程中，银河期货没有孤立研判工业硅期货的价格走势，而是 沿着产业链条"层层剥茧"，既拆解企业自身的生产周期，也跟踪下游多晶硅企业的减产动向，更纳入了 丰水期电价下调带来的成本端扰动。 第一重驱动，是源于实体经济"风险刚需"的增长。期货行业的核心发展动能，源于实体企业从"被动抗 风险"到"主动管风险"的需求质变。越来越多企业主动避险的意识增强，运用期货和衍生品对冲风险的 需求越来越多。更关键的是，企业的需求早已跳出"简单价格对冲"，而是覆盖原料成本稳控、库存跌价 防护、订单汇率对冲、新业务风险预判的"综合风险解决方案"。这些需求的升级，预示着期货行业的服 务边界 ...

2025年12月9日 银河期货董事长、总经理王东: 回归专业价值 是期货业高质量发展核心 证券时报记者 沈宁 近日,"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳 举行。在"中国期货业年会"分论坛上,银河期货董事长、总经理王东发表了 主题演讲,认为期货行业正处关键的战略升级与高质量转型阶段,而高质量 发展的核心是目归专业价值。 王东 用"三重驱动 .两大挑战"未概括期货行业所处的这一历史节点。 第一重驱动,是源于实体经济"具陰剧需"的增长。期货行业的核心发 动能,源于实体企业从"被动抗風俗"到"主动管风险"的重求质变。然未继念 企业主动基险的意识增强,运用期货和衍生品对冲风险的需求越来越多。更 关键的是,企业的需求早已跳出"简单价格对冲",而是覆盖原料成本稳控,库 在跌价肮护,订单汇率对冲、新业务风险预判的"综合风险解决方案"。这些 需求的升级,预示着期货行业 的服务边界已被重新定义,这也是打开新增长 空间的铜影 第 二重驱动 ,是来自顶,是设计的系统性 政策指引 。 2024年 国办 47号交 《关于加强监管防范具险促进期货市场高质量发展的意见》,明确将行业推向 "强监管 ､防风险与高质量发 ...

Core Viewpoint - Anliang Futures has actively participated in the national futures (options) trading competition, showcasing its professional capabilities and commitment to serving the real economy, thereby promoting high-quality development in the futures industry [1]. Group 1: Company Strategy and Positioning - Anliang Futures aims to enhance its brand influence and market recognition through participation in the competition, viewing it as an opportunity to gain insights into customer needs and optimize services [2]. - The company positions itself as a professional service provider connecting the real economy with capital markets, using the competition platform to facilitate knowledge and information flow among traders, experts, and its business team [2][3]. - Continuous participation in the competition serves as a "live advertisement" for the company's strength and credibility, reinforcing its brand image as a reliable and proactive industry participant [2]. Group 2: Industry Impact - The competition is seen as a comprehensive platform for investor education, talent selection, and market construction, contributing to the healthy ecosystem of the futures market and promoting a shift from "scale expansion" to "high-quality development" [3]. - The event significantly enhances trading activity and liquidity in the futures market, which is crucial for effective price discovery and hedging functions that serve the real economy [3]. Group 3: Support Services and Investor Education - Anliang Futures has developed a comprehensive support service system for participants, including a digital registration system that improves the registration experience and provides efficient backend management [4]. - The company offers robust research resources and organizes online events to provide participants with market insights and strategies, ensuring they stay informed about market trends [4]. - Anliang Futures emphasizes investor education, conducting both online and offline activities to promote knowledge of futures trading and risk management, thereby contributing to financial safety [5]. Group 4: Future Outlook and Industry Trends - The company recognizes the challenges posed by global economic conditions and advocates for futures companies to leverage their expertise to support the real economy and national strategic initiatives [7]. - Anliang Futures plans to enhance its service standards and invest in talent and technology, transitioning traditional client managers to more specialized roles to better serve the industry [7]. - The company encourages investors to adopt a long-term perspective in the futures market, focusing on risk management and industry value rather than short-term trading profits [8].

Core Viewpoint - The 2025 Financial Street Forum and the 17th Futures Executive Conference focused on high-quality development in the futures industry, emphasizing the importance of collaboration between regulatory bodies and operational institutions to address key industry issues [1] Group 1: Shanghai Futures Exchange (SHFE) - SHFE aims to become a world-class exchange by balancing market development and risk management, having listed 25 futures and 18 options products across various sectors [2] - The exchange is enhancing its international presence, with significant progress in allowing the delivery settlement price of natural rubber to be authorized by the Osaka Exchange [2] - SHFE is committed to innovation in product offerings, including the launch of new futures and options, and is focused on integrating carbon neutrality goals with supply chain security [3][4] Group 2: Zhengzhou Commodity Exchange (ZCE) - ZCE has expanded its product offerings to 27 futures and 20 options, including the recent launch of propylene futures and options, serving nine major industry chains [5] - The exchange reported a 20.5% year-on-year increase in trading volume from January to September, with significant growth in options trading [6] - ZCE emphasizes member services and investor education, conducting over 400 events to support various market participants [7][8] Group 3: Dalian Commodity Exchange (DCE) - DCE has launched 17 new futures and options products over the past five years, enhancing its diverse product system [9] - The exchange has improved its mechanisms for integrating futures and spot markets, with a focus on adapting to market needs [10] - DCE is advancing its digital transformation, upgrading its trading and service systems to support market growth [11] Group 4: China Financial Futures Exchange (CFFEX) - CFFEX is focused on enhancing its risk management functions and adapting to new market challenges through innovation and comprehensive regulation [12][13] - The exchange reported significant growth in trading volumes for financial futures and options, indicating improved market efficiency [13][14] - CFFEX aims to expand its services to better support long-term investments and enhance the participation of institutional investors [14][15] Group 5: Guangzhou Futures Exchange (GFEX) - GFEX is exploring innovative market-oriented and international development paths, particularly in green finance and sustainable development [16][17] - The exchange has established a robust green product system and is actively promoting the application of futures tools in the renewable energy sector [17][18] - GFEX is committed to maintaining market stability and preventing systemic risks while enhancing its international collaboration [18]

孟宥慈表示，在行业高质量发展的当下，更要清醒地认识到当前国内外经济金融形势依然复杂严峻，市 场不确定性因素增多，各类风险事件时有发生。行业仍需要进一步强化合规经营意识，提升风险防控能 力，大力弘扬依法合规的行业文化，营造健康良好的行业生态，持续增强综合竞争力与抗风险能力。 《期货日报》社有限公司董事长李欣在大会上表示，中国证监会主席吴清10月27日在2025金融街论坛年 会上发表以"发挥投融资综合改革牵引作用推动'十五五'资本市场高质量发展"为主题的讲话。期货市场 作为中国资本市场的重要组成部分，期货高管大会作为2025金融街论坛年会分论坛，紧随步伐、紧跟其 后。期货市场"五位一体"监管体系领导和期货经营机构嘉宾齐聚一堂，研讨期货行业如何落实吴清主席 讲话精神，对进一步做好期货市场防风险、强监管、促高质量发展工作，具有重要意义。 中国证监会期货监管司副司长张悦在大会上表示，随着我国经济体量的日益增长，现代化产业体系逐步 建立，居民财富管理和实体企业对风险管理的需求不断增长，需要期货行业不断提升服务能力，满足市 场需求。为此，他倡议期货行业要牢牢把握更好地服务实体经济的目标，为实体经济发展提供更加便 捷、高效的 ...

Core Viewpoint - The introduction of the "Guidelines for Futures Companies to Publish Futures Research Reports" aims to standardize the futures industry research reports and promote high-quality development within the sector [1][4]. Group 1: Economic Context and Industry Challenges - The futures industry must address the challenges posed by geopolitical instability and the need for effective risk management services for domestic enterprises venturing abroad [2]. - The current economic transformation in China has shifted the primary contradiction from supply shortages to the need for balanced and sufficient development, increasing the demand for risk management [2]. Group 2: Importance of Research Reports - Futures research reports serve as crucial carriers of market information, and their authenticity and compliance are essential for effective risk management [3]. - The new guidelines will enhance the transparency and accuracy of publicly available futures research products, while increasing the cost of accessing high-value reports [5]. Group 3: Compliance and Cost Implications - The compliance costs for futures companies are expected to rise significantly in the short term, with an anticipated increase of 20% to 30% in compliance investments by leading firms by 2025 [6]. - The guidelines require futures companies to establish comprehensive internal control systems and enhance personnel qualifications for report production and compliance [6]. Group 4: Industry Structure and Competition - The concentration of the futures industry is projected to increase, with leading firms capturing a significant share of net profits, indicating a shift towards improved competitive dynamics [7]. - The rise in compliance costs is expected to reduce chaotic price competition and encourage firms to enhance their professional capabilities and service quality [7]. Group 5: Long-term Transformation and Value Creation - The guidelines will facilitate the multi-faceted transformation of futures companies, moving from traditional business models to integrated growth strategies encompassing various financial services [8]. - High-quality research reports will enable better pricing of projects and commodities, thus enhancing market resource allocation [8][9]. - The shift towards a profit-generating model for research departments will necessitate higher professional standards and capabilities among research personnel [9]. Group 6: Future Business Models - Futures companies are expected to move away from reliance on brokerage services, focusing instead on personalized hedging products and high-quality service capabilities to gain competitive advantages [10].

Core Viewpoint - The release of the "Opinions on Strengthening Regulation to Prevent Risks and Promote High-Quality Development of the Futures Market" marks a significant shift in the futures industry from "scale expansion" to a strategy of "quality and efficiency" [1] Regulatory Changes - The implementation of the "Opinions" has led to a profound transformation in the futures market, focusing on three dimensions: restructuring the regulatory ecosystem, service ecosystem, and competitive ecosystem [1] - A stricter regulatory environment is creating a favorable development space for compliant institutions [1] Service Ecosystem - More entities, including listed companies, are utilizing futures and derivative tools, enhancing the role of the futures market as a stabilizer for the real economy [1] - The industry is transitioning from homogeneous competition to differentiated development, with firms focusing on specialization rather than scale [1] Value Reconstruction - The "Opinions" signify not just an upgrade in regulatory rules but also a deep "value reconstruction" within the industry [1] - The company has established a "five-dimensional implementation system" to convert regulatory requirements into development momentum [2] Professional Development - The company emphasizes "professionalism" as its foundation, conducting research and developing risk management solutions tailored to specific industries [2] - The focus is on providing comprehensive service capabilities, particularly in sectors like black metals and energy chemicals [2] Digital Transformation - The company is investing in digitalization to redefine futures services, with its self-developed "Intelligent Analysis System for Bulk Commodities" winning a financial technology award [2] - Digital tools are being utilized to enhance service delivery, with nearly 100,000 users engaging with various digital applications [2] Industry Evolution - The futures industry is entering a new phase characterized by differentiation and restructuring, leading to a clearer hierarchical development pattern [3] - The industry will see accelerated differentiation, with a tiered structure emerging: top-tier comprehensive institutions, mid-tier specialized firms, and a base of service providers [3] Revenue Model Shift - The traditional volume-based profit model is shifting towards a value-oriented model, with a greater emphasis on professional services such as risk management and investment consulting [3] Comprehensive Solutions - Future successful firms will need to provide comprehensive solutions that extend beyond simple trading to include risk management and financial consulting [4] Digital Necessity - Digitalization is becoming essential for survival, not just an optional project, as it enhances operational efficiency and customer service models [4] Strategic Focus - The company is committed to a customer-centric approach, aiming to create greater value through enhanced professional capabilities and innovative service models [5] - The strategy involves building an "enterprise ecosystem" linked by the futures value chain, focusing on connection, integration, and sharing [5][6] Connection and Integration - The company aims to break down barriers and enhance coverage to meet the "inclusive service" requirements, connecting industry clients and research institutions through digital platforms [6] - Resources are being integrated to enhance capabilities, transitioning from a "channel provider" to a "solution provider" [6] Shared Benefits - The concept of sharing is central to the enterprise ecosystem, promoting mutual benefits and breaking the "zero-sum game" mentality to enhance service quality and industry effectiveness [6]

服务国家战略，担当时代使命 本次修订坚持协调统一，优化了加分体系。将市场竞争力指标调整为3大类9项，有利于全面评价期货公 司各项业务开展情况、整体盈利水平和资本实力。完善服务实体经济能力指标，将征求意见稿中"中长 期资金客户"表述调整为"机构客户"，同时进一步扩充了机构客户类别，使指标更具包容性。调整了专 项评价，将专项评价整合和优化为服务国家战略、党建与文化建设、信息技术建设3项指标。 透过这些加分项，可以清晰地洞察监管导向。期货公司要不断强化自身综合能力建设，充分彰显专业价 值；同时，积极服务国家战略，切实发挥功能性作用；此外，还需主动承担社会责任，积极投身行业文 化建设，为期货行业的健康、可持续发展贡献力量。 9月12日，中国证监会公布对《期货公司分类监管规定》进行修订后形成的《期货公司分类评价规定》 （下称《规定》）。这是期货行业监管领域的一件大事，引发了行业内外的广泛关注与深入思考。《规 定》勾勒出了一幅"怎样的期货公司才是好公司"的清晰蓝图，是期货行业发展的"指挥棒"和"风向标"。 此次修订是贯彻落实党的二十届三中全会、中央金融工作会议和《关于加强监管防范风险促进期货市场 高质量发展的意见》要求的 ...